Coinbase NFT Beta Release: What it Means for Profile
On April 20, 2022, Coinbase launched the beta version of its NFT marketplace, opening the floodgates for new and existing users to get involved in NFTs.
Today, we’re going to explore how this new marketplace launch has the potential to benefit Profile users down the line after buying their NFTs.
Staying True to the Core
Coinbase is a CEX (centralized exchange) that always has visibility into user data through its strict KYC (Know Your Customer) measures. Profile’s core focus is on staying decentralized and providing blockchain-based verification methods to conceal your identity.
We’re dedicated to making this a reality and will stay true to our goals. While the Coinbase NFT marketplace definitely has its merits, it still lacks decentralization and fails to truly protect the identities of NFT holders.
With Profile, keep your identity secure while growing organically through interactions over time.
No KYC, background checks, or gimmicks — the real deal.
Coinbase is now allowing certain users (in the interim) to begin testing the waters of its NFT platform. This means that people are going to start getting a sense of what they can do within their communities.
From where we see it, this lines up well with where Profile is in development. Our communities are at a similar stage, as we’ve already onboarded several and are in the works of bringing in more as we speak.
The more NFT holders and communities become familiar with these types of platform structures, there’s a better chance that they’ll want to try out Profile for themselves.
Increased NFT Hype
It’s no surprise that the recent Coinbase news massively drove up hype for the NFT market. Over the last few months, the overall sentiment for NFTs appears to be dropping, with the weekly trading volume and transactions down by over 55% and 65%, respectively.
However, we’re still seeing plenty of new NFT communities (the newest being Moonbirds) make serious noise across the space.
We see the Coinbase NFT marketplace launch as a net positive overall, as its new features are poised to bring in additional users, helping set the foundation for Profile to onboard more communities in the future.
Learn More About Profile
Profile is a decentralized identity that you own on the blockchain. Create real connections with like-minded users and network in the Web3 realm using your own self-sovereign identity to reclaim what’s yours.
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